Investor Presentaiton

Endnotes related to non-GAAP adjustments (continued) 21. For the nine month period ended December 31, 2015, represents the recognition of deferred tax assets of $1,217 million, net of accrual of $962 million for the tax receivable agreement. For the three month period ended December 31, 2015, represents the recognition of deferred tax assets of $39 million relating to the release of additional valuation allowance 22 22. In July of 2015 the Company extinguished approximately 47% of the outstanding TRA obligation. Accordingly, for the three month period ended December 31, 2015 and the twelve month period ended December 31, 2015, the Company recorded a pre-tax gain of $420 million and a related tax expense of $161 million. 23. Reflects payments for services rendered by our employee members of LAM and managing directors, which prior to the IPO were accounted for as either distributions from members' capital or as minority interest expense. 24. Represents the exclusion of one-time IPO-related costs. 25. Primarily relates to the change in fair value of the contingent consideration associated with certain business acquisitions. 26. Represents valuation allowance associated with a change in NYC UBT tax laws. 27. Represents expenses associated with Enterprise Resource Planning (ERP) system implementation. 28. Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal costs for which an equal amount is excluded from both non-GAAP operating revenue and non-compensation expense, respectively, and excludes bad debt expense, which represents fees that are deemed uncollectible. 29. Represents expenses associated with the Lazard Foundation unconditional commitment. 30. Represents write-down of private equity investment to potential transaction value. 31. Represents losses and expenses associated with the business realignment which includes employee reductions and closing of subscale office and investment strategies. 32. Represents losses related to the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss associated with restructuring and closing of certain of our offices. 33. Expenses associated with restructuring and closing of certain offices. LAZARD 51

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